comp_exam_a - Comprehensive Examination A A-1 COMPREHENSIVE...

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Comprehensive Examination A A-1 COMPREHENSIVE EXAMINATION A (Chapters 1 - 5) Approximate Problem Topic Points Minutes A - I Multiple Choice ............................................ 20 10 A - II Matching ..................................................... 12 8 A - III Adjusting Entries ......................................... 15 20 A - IV Ratios ......................................................... 12 15 A - V Journal Entries ............................................. 18 12 A - VI Income Statement for a Merchandising Company ..................................................... 14 10 A - VII Assumptions, Principles, and Constraints .... 9 10 100 85 Checking Work ........................................... 5 90
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Test Bank for Financial Accounting: Tools for Business Decision Making, Fourth Edition A-2 Problem A - I — Multiple Choice (20 points) Circle the one best answer. 1. The primary accounting standard-setting body in the United States is the a. Securities and Exchange Commission. b. Internal Revenue Service. c. Financial Accounting Standards Board. d. Corporate Board of Directors. 2. An increase in a revenue 3. A corporation with total stockholders’ equity of $75,000 paid a $12,000 business debt. As a result of this transaction, total stockholders’ equity 4. The left side of an account is always 5. Posting is the process of a. preparing a chart of accounts. b. adding a column of figures. c. transferring journal entries to ledger accounts. d. recording entries in a journal. 6. The purpose of recording depreciation on productive assets is to 7. Tanner Company debited Prepaid Insurance for $600 on May 1, 2007, for a one-year fire insurance policy. If the company prepares monthly financial statements, failure to make an adjusting entry on May 31, for the amount of insurance that has expired would cause
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